Prime Minister Shehbaz Sharif has reaffirmed that Pakistan is steadily meeting all its International Monetary Fund (IMF) programme commitments, but has urged the global lender to consider the devastating impact of recent floods in its upcoming review.
Speaking during a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 80th United Nations General Assembly session in New York, the premier highlighted that while Pakistan remains on course to fulfill the agreed reforms, the massive destruction caused by floods has severely hit agriculture, industry, and food supplies.
According to reports, Pakistan is on track to meet all seven Quantitative Performance Criteria (QPCs) ahead of the September 25 review of the $7 billion Extended Fund Facility (EFF). However, record monsoon rains and dam releases from India have submerged millions of acres of farmland, raising fears of deeper economic shocks than those experienced in the 2022 floods.
PM Shehbaz stressed that the IMF’s review should factor in the billions of dollars in damages, as the government continues to pursue macroeconomic stability alongside structural reforms. Georgieva expressed sympathy for the flood-hit people of Pakistan and assured continued IMF support for the country’s economic reforms.
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